3 Rubles – Russian Federation

In 2009, the Russian Federation faced a severe currency crisis, a direct consequence of the global financial meltdown that began in 2008. The situation was precipitated by a catastrophic collapse in global oil prices, as crude fell from over $140 per barrel in mid-2008 to around $40 by early 2009. Since oil and gas exports constituted the backbone of the Russian economy and federal budget, this shock triggered a massive capital flight, estimated at $130 billion for the year, and placed intense downward pressure on the ruble. The Central Bank of Russia (CBR) initially spent nearly a third of its substantial international reserves (around $200 billion) in a futile attempt to defend a gradual devaluation band, leading to a slow but steady erosion of the currency's value.

Facing unsustainable reserve depletion, the CBR shifted policy in January 2009, allowing for a sharper, one-time devaluation of the ruble. The currency lost approximately 35% of its value against the US dollar-euro basket from its peak in mid-2008. This dramatic devaluation, while painful for the population, aimed to correct the external imbalance and protect remaining reserves. The government simultaneously implemented a large anti-crisis package, injecting liquidity into the banking system and providing support to key industries. However, the devaluation sharply increased the cost of foreign-denominated debt for Russian companies and contributed to a severe economic contraction, with GDP falling by 7.8% in 2009—the deepest recession in over a decade.

By late 2009, the currency situation had stabilized, but at a significantly depreciated level. The ruble's decline, combined with a partial recovery in oil prices, helped narrow the current account deficit and allowed the economy to begin a tentative recovery. The crisis exposed the fundamental vulnerability of Russia's commodity-dependent economic model and underscored the risks of large corporate foreign currency borrowing during boom years. The experience of 2009 led to lasting policy changes, including a greater official emphasis on building larger foreign exchange reserves and moving towards a more flexible exchange rate regime in the following years.